In July 2014, the Pensions Authority issued a consultation on Financial Management Guidelines of defined benefit pension schemes. The consultation paper can be viewed here.
The Society submitted a consultation response on 30 September. In the response, we welcome the publication of these guidelines which we see as a positive development. Defined benefit pension schemes have experienced a tumultuous time over the last decade or so and many lessons have been learnt. The publication of these guidelines will greatly assist those schemes that have survived in putting measures in place that will enable trustees to better understand the risks to which their schemes are exposed to and to better manage those risks.
Full details of the Society’s response is available here.
Today, the Pensions Authority published a synopsis of the responses it had received as part of the Consultation. The synopsis can be viewed here.
Commenting on the consultation process, the Pensions Regulator, Brendan Kennedy said: “Detailed consideration will be given to all the points made in the submissions to further inform the Authority’s views before the final version of the financial management guidelines are published.”